7-7-4261. Maintenance of accounts for bond issues. (1) The city treasurer or town clerk shall keep in the treasurer's or clerk's books a special and separate sinking fund account for each issue or series of outstanding bonds, including citizen bonds as provided in 7-7-4211 through 7-7-4214, issued by the city or town. Each fund must at all times show the exact condition of the fund.
(2) All taxes collected for interest and principal on city or town bonds must be placed to the credit of the sinking fund for which the taxes were levied.
(3) The sinking fund must be administered as provided in 7-7-123, 7-7-124, and 7-7-4270.
History: En. Sec. 24, Ch. 160, L. 1931; re-en. Sec. 5278.24, R.C.M. 1935; R.C.M. 1947, 11-2324(part); amd. Sec. 5, Ch. 256, L. 1979; amd. Sec. 9, Ch. 511, L. 1989; amd. Sec. 511, Ch. 61, L. 2007.
Structure Montana Code Annotated
Part 42. Municipal General Obligation Bonds
7-7-4201. Limitation on amount of bonded indebtedness
7-7-4202. Special provisions relating to water and sewer systems
7-7-4203. What constitutes a single purpose
7-7-4204. Nature of general obligation bonds
7-7-4205. Term of general obligation bonds
7-7-4208. Types of general obligation bonds
7-7-4211. Citizen bonds authorized
7-7-4212. Citizen bonds -- procedural requirements prior to issuance
7-7-4213. Citizen bonds -- procedure when issue not fully subscribed
7-7-4214. Zero-coupon and capital appreciation bonds
7-7-4215. through 7-7-4220 reserved
7-7-4221. Election on question of incurring indebtedness -- exception
7-7-4222. Election required for bond issue relating to water and sewer systems
7-7-4223. Procedure to call election on question of bonded indebtedness
7-7-4224. Petition to request election
7-7-4225. Presentation of petition to city or town clerk -- clerk's certificate
7-7-4226. Resolution to submit question of issuing bonds to voters
7-7-4235. Percentage of electors required to authorize issuing of bonds
7-7-4236. Resolution to sell bonds pursuant to public sale
7-7-4237. through 7-7-4250 reserved
7-7-4251. Form of notice of sale of bonds
7-7-4252. Publication of notice of sale
7-7-4254. Procedure for sale of bonds
7-7-4255. Form and execution of bonds
7-7-4257. Registration of bonds
7-7-4258. Copy of bond to be kept by city treasurer
7-7-4260. Disposition of sale proceeds
7-7-4261. Maintenance of accounts for bond issues
7-7-4262. Payment of principal and interest
7-7-4263. Interest on late payments of principal and interest
7-7-4264. Statement as to amount of principal and interest due and payable on bonds
7-7-4265. Tax levy for payment of bonds
7-7-4266. Procedure in case of insufficient tax levy -- individual liability of council members
7-7-4269. Order of redemption of bonds
7-7-4270. Authority to buy outstanding bonds
7-7-4272. Cancellation of bonds and coupons
7-7-4273. Cancellation of warrants and refunded general obligation bonds
7-7-4274. Closing of accounts and transfer of money to other funds
7-7-4275. Refunding of bond issue held by state by exchange for amortization bonds